Global Testing, Inspection, and Certifications Market is Estimated to Reach$92.2 billion by 2024, Says Accurize Market Research
Global Testing, Inspection, and Certifications Market report published by Accurize Market Research forecast that the global market is expected to reach $92.2 billion by 2024; growing at a CAGR of 6.2% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Increasing focus on outsourcing to drive the global market
Strict regulation towards health and environment safety, globalization, and increasing focus on outsourcing are the major factors driving the global testing, inspection and certifications market. However, lack of internationally accepted standards is expected to restrain the market growth in the coming years. Advancement in technology and immense potential for testing, inspection and certification in developing countries would provide several growth opportunities for the market in the coming years.
The global testing, inspection and certifications market is split on the basis of type, application and geography. By type the market is further segmented into testing, inspection and certification. By application, the global testing, inspection, and certifications market is segmented into oil & gas, aerospace, food & beverages, automotive, medical devices, defence, telecommunication, automation, textile, and others.
North America, Europe, Asia-Pacific and rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada and Mexico. Europe covers countries like Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa and Middle East.
"Testing accounted for the largest market share in the type segment", says Accurize
By type, testing accounted for the largest market share in 2017 and is expected to dominate over the forecast period.
"Europe dominated the global market with the highest market share over the forecast period", says Accurize
Europe accounted for the largest market share of 32% in 2017, owing to stringent health regulations in the region. North America accounted for the second largest market share of 27.9%. In terms of growth, Asia-Pacific is to attain the fastest CAGR of 6% during the forecast period 2017-2025, owing to the blooming industrial sector and momentous rise in affluent consumers.
Top players in the market
Major companies operating in the market include Intertek Group PLC, AsureQuality Ltd., Dekra SE, Bureau Veritas SA, Underwriters Laboratories Inc, SGS Group, ALS Ltd., Lloyd's Register Group Limited, Element Materials Technology and ASTM International, among others.
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